Allianz Asset Management GmbH reduced its position in The Goodyear Tire & Rubber Company (NASDAQ:GT - Free Report) by 28.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 643,813 shares of the company's stock after selling 252,732 shares during the period. Allianz Asset Management GmbH owned 0.23% of Goodyear Tire & Rubber worth $6,676,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in GT. GAMMA Investing LLC lifted its holdings in shares of Goodyear Tire & Rubber by 147.5% in the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock valued at $26,000 after purchasing an additional 1,674 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at about $29,000. Cloud Capital Management LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 1st quarter valued at about $33,000. Farther Finance Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1,799.1% in the 1st quarter. Farther Finance Advisors LLC now owns 4,083 shares of the company's stock valued at $37,000 after purchasing an additional 3,868 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Goodyear Tire & Rubber by 125.6% in the 2nd quarter. Signaturefd LLC now owns 4,508 shares of the company's stock valued at $47,000 after purchasing an additional 2,510 shares during the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on GT shares. BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. BNP Paribas downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Wednesday, October 8th. JPMorgan Chase & Co. reduced their price objective on Goodyear Tire & Rubber from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Citigroup began coverage on Goodyear Tire & Rubber in a research note on Monday, September 8th. They set a "neutral" rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $11.50.
Check Out Our Latest Analysis on GT
Goodyear Tire & Rubber Stock Performance
Shares of GT stock opened at $7.04 on Thursday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 1.93 and a beta of 1.28. The stock has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $9.68. The Goodyear Tire & Rubber Company has a 12-month low of $6.51 and a 12-month high of $12.03. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24.
Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The business had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted $0.19 earnings per share. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 EPS for the current year.
Goodyear Tire & Rubber Company Profile
(
Free Report)
Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.
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